Indian agro-chemical industry can grow over 9%: Niti Aayog
New Delhi: India’s agro-chemical industry has the potential to grow more than the current nine per cent notwithstanding the competition from China, government think tank Niti Aayog member Ramesh Chand said. Chand also observed that many Western countries are shifting from agrochemicals to biopesticides and the Indian industry needs to pay attention to this aspect. He urged the Agro Chem Federation of India (ACFI) to come out with a document on ease of doing business in agrochemicals.
The Niti Aayog member was addressing a panel discussion on the occasion of the sixth annual general meeting of ACFI in the national capital on Wednesday. “The agrochemical industry has achieved a miracle growth of nine per cent... much of this growth rate has happened during the Covid-19 pandemic years when the production activities were seriously disrupted,” he said.
Despite economic and production disruptions, the domestic agrochemical industry had shown an impressive growth between 2017-18 and 2022-23, he added. That apart, India’s exports have crossed $5 billion and even surpassed China according to different data sources, Chand said. The Niti Aayog member further stated, if India can achieve a nine per cent growth rate in the absence of favourable China factor, the China competition is not as hard it was in the past.